The forecasting initially indicated €27.1m of revenue, but it has been hit by an exceptional adjustment of €500,000 relating to previous periods.

Catena owns NetEntCasino.com and Legal Sports Report among a wide range of other brands. 

The adjusted EBITDA is estimated to be €11.8m, down 2%, while operating loss is projected to be €27.3m, up from €9.4m. Operating profit is set to see a write-down of €32.1m, and this should be further affected by a non-cash effect from impairment testing of intangible assets.

Write-downs dominate the projections, with financial services being hit by €17.9m, casino by €13.2m and sports by €900,000, with all three being related to intangible assets. 

The latter two related to previously-acquired assets being reclassified as inactive products, while the former write-down is due to events in the European Union, unrelated to Brexit, where Catena primarily operates in the financial services sector.

Per Hellberg, Catena CEO, said: “The write-downs are related to earlier acquired assets that are not performing in line with the rest of our portfolio, as well as to past contractual decisions. Excluding the non-recurring items, our underlying business developed much like we expected for the fourth quarter.”

The full results for the fourth quarter, and the year, will be published on Thursday.